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A Modest Defense of Wage Insurance

Much of the Administration's anti-inflation program is borrowed from earlier Presidential efforts to curb prices: wage and price guidelines a la Johnson, budget restraint a la Ford, monetary restraint a la (early) Nixon. The one really innovative feature is Mr. Carter's proposal for "wage insurance," a tax break for workers who risk the loss of purchasing power by settling for waste increases within Federal guidelines.

January 24, 1979

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